July 3, 2020 / 11:13 PM / a month ago

Brazil's Neoenergia requests $313 mln loan to cover COVID-19 losses

SAO PAULO, July 3 (Reuters) - Brazilian power holding company Neoenergia SA has requested a 1.664 billion-real ($313.12 million) loan for its four distributors as part of a government effort to support utility companies amid the coronavirus pandemic.

The so-called “Conta-Covid” operation, which was launched through a presidential decree on May 18, aims to boost power distributors’ liquidity and involves several banks led by Brazilian Development Bank BNDES.

Neoenergia, which is 52.5% controlled by a unit of Spain’s Iberdrola SA, said its four energy distributors, Coelba, Elektro, Celpe and Cosern, have joined the Conta-Covid.

Of the total amount, Coelba accounts for 499.6 million reais, while Celpe requested 454.7 million reais, Cosern aims for 95.5 million reais and Elektro 614.3 million reais.

$1 = 5.3143 reais Reporting by Gabriela Mello; Editing by Dan Grebler

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